Current through all regulations passed and filed through March 18, 2024
(A) This rule amplifies section
145.37 of the Revised Code and
applies to members who retire with an effective date of retirement on or after
February 1, 2013.
(B) For the
purpose of this rule:
(1) "State retirement
system"
and
"retention percentage" have the same
meanings as
in section 145.37 of the Revised
Code.
(2) "Fiscal year" means, for
the public employees retirement system, a calendar year and, for the school
employees retirement system and state teachers retirement system, the
twelve-month period beginning on July first and ending on June
thirtieth.
(C) For
purposes of determining the amount transferred under division
(B)(6)(a) of section
145.37 of the Revised Code, all
of the following apply:
(1) The amount
contributed by the member includes any amounts paid to restore service credit
under section 145.31 of the Revised
Code.
(2) The amount of employer
contributions shall be determined using the lesser of the employer contribution
rate in effect at the beginning of the fiscal year for each of the state
retirement systems involved in the transfer, less the
retention percentage.
(3) Any
amounts paid by the member to purchase service credit shall include, if
applicable, any amounts paid by the employer to purchase service
credit.
(4) Except as provided in
this paragraph, interest shall be calculated beginning on the first day of the
fiscal year following the year in which the contributions were made and ending
on the last day of the month in which the transfer occurs. If the amount to be
transferred includes any amounts paid to purchase service credit, other than
amounts paid to restore service credit under section
145.31 of the Revised Code,
interest on the amounts paid to purchase service credit shall be calculated
beginning on the first day of the month following the last payment to purchase
the credit and ending on the last day of month in which the transfer occurs.
For each year of service credit to be transferred, the interest rate shall be
determined by using the lesser of the actuarial assumption rate in effect at
the beginning of the fiscal year for each of the state retirement systems
involved in the transfer.
(D) If a member of the public employees
retirement system has contributions to more than one employer division of the
system, the employer contribution rate for the system shall be determined using
the last division to which the member contributed. If the period of service and
contributions to be transferred includes service that occurred prior to the
date the member's most recent division was established, the other state
retirement systems shall use the employer contribution rate for the other
system for that year.
(E)
For purposes of calculating a retirement or disability
benefit under division (B) of section
145.37 of the Revised Code, all
of the following apply:
(1)
Except as provided in this paragraph, the service
credit and contributions certified by the transferring system shall be divided
equally over the number of months in the service credit period certified by the
transferring system beginning on the first day of the service credit period and
ending on the last day of the service credit period.
(2)
Service credit
certified by the tranferring system shall be reduced for any month that the
member earned full-time service credit in this system. If the member earned
less than full-time service credit in this system for any month, the service
credit certified by the transferring system may be added to the earned credit
to equal full-time service credit.
(3)
Except as
provided in division (B)(5)(c) of section 134.37 of the Revised Code, service
credit certified by the transferring system shall not be reduced for any month
that the member did not earn service credit in this system.
Five Year Review (FYR) Dates:
09/29/2016 and
09/29/2021
Promulgated
Under: 111.15
Statutory
Authority: 145.09
Rule
Amplifies: 145.37
Prior
Effective Dates: 1/7/13 (Emer.), 3/24/13, 3/23/15 (Emer.),
6/6/15